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IFN Investor

Enhanced awareness and regulation will fuel growth in largest African Muslim market

Islamic finance penetration is very low in Nigeria but is starting to gain a foothold as the authorities seek to increase banking penetration in the country's large Muslim population. The Central Bank of Nigeria (CBN) has enhanced the regulatory landscape which will increase confidence in the sector, and some conventional banks have started operating Islamic windows. We believe government impetus will enable the sector to grow robustly over the next 10 years, although from a low base, despite Nigeria's presently....

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